Commodities update - Week of Jan. 19, 2009

Jan. 18, 2009

CHICAGO -- Block cheese prices on the Chicago Mercantile Exchange fell further last week, averaging slightly above $1.06 per pound for the trading week ended Jan. 16, off a penny from the previous week.

Prices are down 68 cents, or 38 percent, compared with this time last year, when block cheese averaged just above $1.74 per pound. Wheat Wheat for March delivery closed at just under $6.52 per bushel Friday on the Minneapolis Grain Exchange. Prices had closed at just above $6.25 per bushel Monday, $6.37 per bushel Tuesday and just under $6.42 per bushel Wednesday and Thursday.

Gasoline and diesel fuel The nationwide average for regular unleaded gasoline was $1.84 per gallon Jan. 19, according to AAA and the Oil Price Information Service, up 5 cents from the previous week. Prices are up 10 percent from an average of $1.67 per gallon a month ago and off 39 percent from an average of $3.02 per gallon this time last year. Mid-range unleaded averaged $1.96 per gallon while premium unleaded stood at $2.03 per gallon. The nationwide average price for diesel fuel stood at $2.42 per gallon Jan. 19, off a penny from last week. Diesel prices are off 29 percent from an average of $3.40 per gallon this time last year. Natural gas

Temperatures were significantly lower in the eastern half of the lower 48 states this report week, resulting in sharp price increases in the Northeast as space-heating demand rose. In the West and in the producing regions along the Gulf Coast, however, a respite from cold weather provided some softening in natural gas spot prices. Prices at the Henry Hub decreased 42 cents per million Btu to $5.47.

Prices in the Northeast stood at $17.34 per MMBtu on Jan. 12, up $9.71 compared with the previous week.